On 1 July 2014, Capers Ltd purchased equipment with cash for a total cost of $214,500 including 10% GST. The estimated useful life of the equipment was 10 years, with an estimated residual value of $15,000. The entitys reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2016, the entity revalued the equipment upwards by $21,000 to reflect the fair value. The revised useful life was 8 years and residual value was estimated at $10,000. On 1 January 2018, Capers Ltd revalued the equipment downwards by $24,200 to reflect the fair value.

Prepare the journal entries in relation to the equipment from the date of acquisition. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Capers Ltd General journal Debit Credit $ Date Account and explanation $ 1/7/14 30/6/15 30/6/16 1/7/16 1/7/16 II (To record equipment at carrying value before revaluation) (To record revaluation) 30/6/17 1/1/18 (To record depreciation expense) 1/1/18 (To record equipment at carrying value before revaluation) (To record equipment at carrying value before revaluation) (To record revaluation)